The average price of a four-bedroom garden home on The Palm Jumeirah during the first quarter of 2008 was Dh2,200 per sq ft. During the second quarter the price shot up to Dh2,700 and in the third quarter it climbed to Dh3,000. Now the price has fallen to Dh2,700.
Hardly the bottom falling out of the market though.
Now what has collapsed are off-plan prices - The average sale price on JA Waterfront in September was Dh3,150 per sq ft. In October the price fell to Dh2,000 – a 36 per cent decline in a month. And this month the figure has fallen a further five per cent to Dh1,900.
Why anyone would pay more for off-plan property than completed was always a mystery to me.
The sun shines here, big deal but the quality of construction is apalling and as for the the workmanship on things like the interiors and fittings, well it's non existant.
LOL - you have obviously never bought a new house in the UK if you think Dubai's are badly built
